Re: PayDay Loans--Help!

Just a thought here, but Prosper (www.prosper.com) is often a good place to try; you can often get a better interest rate on a small 3 year loan. This is a community lending/microloan site that means other people on the internet (not cut-throat companies) are lending you the money.

Re: PayDay Loans--Help!

I have two payday loans (one is about to be paid off). The companies are MyCashNow and the other CashNetUSA. I live in Maryland. Please let me know what the law is for me with these two lenders. And yes, they charge huge interest fees on top of the amount borrowed.

Re: PayDay Loans--Help!

Worst case - tell them that they can see you in Bankruptcy Court and be added to the list of unsecured creditors. They will usually fold and work out a somewhat reasonable pay plan. Some are worse than others.

Re: PayDay Loans--Help!

I was in a similar situation a little while ago. Another option (and I apologize if this was already mentioned) would be to join a debt consolidation company in regards to the other debts. The program that I joined was one set pay for every months and the length was usually for 3 years. More money can be placed in the account and the length with the company will be shortened. A third option would be for you to pay yourself. In other words for like your neccessities such as rent. Every little bit helps and you will end up having a little savings fund that can be used.

Re: PayDay Loans--Help!

kt_scarlett007...I know exactly how you feel! I am in the same situation. I have 6 PDL right now and 5 of them I have placed stop payments on. I was in the process of signing up with this Debt settlement company that deals only with PDL's and then when I called to sign up, they stop doing business in my state! Go Figure!! Anyway I have gotten some really good suggestions from this post and I Thank God for all of you on here. I will definitely follow some of your suggestions.

kt_scarlett007 if you want the name of debt settlement company just let me know...

Re: PayDay Loans--Help!

I live in Arkansas and our AG gave some sharks an ultimatum that were charging tripple digit APR's and made some of them shut down. When I first got started in the payday loan thing I shopped arround and found one called first american cash advance that printed out Wester Union money orders and if you took them out of the store and not cashed them there then you virtualy paid nothing for the loan ( got a $400 loan and had to pay back $400.46) just by cashing my money order at my bank. But if you chashed the money order in the store then you paid a 10% cahsing fee. I figured that was a good deal but low and behold now they figured out that they had a "problem" by not making any profit so now they print out checks with a 5% fee so for $400 i pay back $426 which is still better than some of these places that charge 399% intrest!!! So my advise is one to shop arround and if you have a say first american cash advance in your state and then get a loan from them to pay off some or all of the high intrest rate ones you have. second I would contact your AG's office and see if they have anything in the making like our state like trying to shut down or restrict tripple digit intrest pay day loan companies.

Re: PayDay Loans--Help!

Hey Guys! This is in response to the post about the online payday loans. I owe three of them. The names are One Click Cash, United Cash Loans, and some company called B.I.G. Two out of the three are located in the UK. And I live in MS. Am I liable for these loans?

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.